“Mr. President, in view of the fact that the United States Government will be confronted with the problem of the kind and size of the Navy following the present World War, it seems to me that a brief history of the deterioration and rejuvenation of the Navy following World War No. 1 would be timely, and informative. Accordingly, I have personally prepared a concise history of the Navy from 1922 to 1944, pointing out the policy of the Government during these years and the steps taken in recent years to rebuild our Navy to its present strength.

“This naval history is divided into three parts: 1922-30, the period of decline; 1932-36, the period of awakening; 1936-44, the rebuilding and expansion of the Navy. Subjects considered are the effect on the size of the Navy of the limitation of armaments treaties, the Hepburn report, Guam, and a summary of the expansion legislation from 1938 to the present time. “